October 28, 2009

Fernwood Hollow Subdivision

Posted to Brad Sears, Neighborhood Market Trends, Ogden, Salt Lake City

Over the years many homeowners have taken their search for homes north of Salt Lake City for the simple idea of getting more home for their money, a chance to escape the fast paced city life and a quiet place to raise a family. The little extra commute time was a small sacrifice compared to all the benefits. Years down the road each little town and city got more populated, faster paced and a lot busier. Now people are moving further and further north for a chance at a life they grew up with. However, I’d like to tell you about an amazing neighborhood nestled in the upper hills of East Layton called Fernwood Hollow. Located only 20 minutes from downtown Salt Lake and 15 minutes from downtown Ogden, this East Layton neighborhood encompasses this lifestyle and a more convenient location.

Fernwood Hollow is a matured East Layton subdivision that offers peace and tranquility, and is hidden away by the vast amount of trees and gullies. It seems nearly invisible from the busy fast paced city life. All the homes have their own unique look, lot sizes range from .50 to over 1.00 acres and home prices range from $230,000 to $800,000.

This East Layton neighborhood is close to hiking, biking and horseback riding trails as well as within 7 minutes of three water parks (Layton Surf and Swim, Cherry Hill and Lagoon A Beach a division of Lagoon Park). Cherry Hill and Lagoon Park also offer many other activities, rides and more. Snow skiing, water skiing and camping are all within a 30 minute drive.

Fernwood Hollow has quick easy access to Highway 89, I-84 and I-15.

Visit my Fernwood Subdivision website to view a full tour of the neighborhood, plat maps, school information, local business, demographics and available homes for sale.

Due to the popularity of East Layton and Kaysville the averages show that homes in this particular neighborhood sell within 4 months which indicates good movement and a stable market according to the absorption rate. To view the homes for sale in this neighborhood, visit my website and click on the Fernwood Hollow Subdivision.

Posted By: Brad Sears


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December 13, 2008

The State of Real Estate in Northern Utah

Posted to Salt Lake City, Steve Randall

I wanted to share a link with our blog readers that comes from the Salt Lake Tribune and shows the state of the market in Northern Utah from Salt Lake County to Weber County. Tracking is done by zip code for the past five years. A reader can track by quarter, the variance in the median price for that zip code to see how the market has changed from 2002 to now.

For example, in the Kaysville-Fruit Heights area the median price for 2002 (The Olympic Year) ranged from $160,600 at the start of the year to $182,950 by the end of the year or an increase of 14%. In 2003, the median price ranged from $170,000 to $193,250. In 2004, the range was from $169,643 to $199,500. In 2005 the range was from $180,000 to $229,000. In 2006, the range was from $225,000 to $334,900. In 2007 the range was from $257,000 to $347,000. So far in 2008, the range is from $266,000 to $295,950. In this very stable and popular area to live, the median prices have returned to their 2006 levels. Since 2002, the prices have changed from $193,250 to a high of $334,900 in 2006 (73% increase) to $295,950 (12% decrease) in 2008.

Although our sellers don’t like the current uncertain market, especially when prices have decreased, the overall five year trend shows very positive gains real estate values in the Kaysville and Fruit Heights areas. To search your own zip code and see your own comparisons please click here. You may want to save this link on our blog for future reference.

If you compare the appreciation rates (graph below) for real estate nationally since 1980 to 2006 (in five-year increments) you can see that normal appreciation ranges from 5% to 5.8%. If you look at the appreciation rate from 2000 to 2006 the average appreciation rate was 14.83% which created a bubble that we are now adjusting for. If you are looking for investment purposes, it is wise to plan on about 5% appreciation rates when estimating returns on real estate just to be safe.

Click the image for a larger view

Another interesting chart to review is how real estate did when compared with the Dow, S&P, and NASDAQ from January 1, 2000 to September 30, 2008. You can see in the graph below that real estate is up by 72% while all the stock market indices were all down during this period. Another good reason to consider real estate as part of your retirement and portfolio planning.

Click the image for a larger view

We thank the Brookings Institute and Steve Harney at SteveHarney.com for compiling this information.

Posted By: Steve Randall


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October 27, 2008

Salt Lake City’s “Downtown Rising”

Posted to Salt Lake City

Downtown Salt Lake is on the rise. The city’s “Downtown Rising” initiative, currently advancing in small leaps and bounds, is fueled by a vision of a more dynamic and diverse central core. Through a series of additions and renovations founded on four basic themes—beauty, prosperity, community, and nature—downtown Salt Lake City has become an even more attractive and rewarding place to live, work, and play. Out of the 20+ renovations, one of the most ground-breaking projects of the “Downtown Rising” initiative is the construction of the City Creek Center, which will be a “green”-inspired, pedestrian friendly development with not only office and retail space, but new housing as well. Upon completion of the City Creek Center, Salt Lake City will be one of the few cities in the nation with a multi-use development at its core.

Other exciting “Downtown Rising” projects include the development of a more cohesive Salt Lake Art & Cultural District, the addition of a permanent Public Market that will work in conjunction with the seasonal Farmer’s Market in Pioneer Park, the streamlining of public transportation through an Intermodal Transportation Hub, and the construction of many new Downtown Salt Lake apartments, lofts, condominiums, and townhomes that will bring many Northern Utahns out of the suburbs and into the city center. With the bright future set in place by the “Downtown Rising” initiative, Downtown Salt Lake City has become the premier location for Northern Utah home buyers. When searching for homes in downtown Salt Lake City, you are not only searching for a place to live—you are searching for a place to live life to its fullest.


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